What is a capitalist industrial partner?

What is a capitalist industrial partner?

Capitalist-Industrial Partner One who contributes money or property as well as his work or industry to the partnership.

Can a capitalist partner engage in a business similar to the kind of business in which the partnership is engaged *?

a) A capitalist partner may engage in the same line of business in which the partnership is engaged. a) A capitalist partner may engage in the same line of business in which the partnership is engaged. b) An industrial partner may not engage in business for himself without the consent of his co-partner.

What is an industrial partner?

Industrial partner means a kind of a business association that involves one or more associates offering their expertise and competencies to a company as an investment to an enterprise instead of money.

Is an industrial partner a general partner?

Both are general partners but there are some special rules for industrial partners. 1. Obligation to contribute to the company: As we have exposed, partners can contribute money, property or services.

Does an industrial partner share in losses?

The law says: In the absence of stipulation, the share of each partner in the profits and losses is in proportion to what he may have contributed. However, an industrial partner who contributed purely his services is not liable for the losses.

What do you call a partner who contributes his work labor or industry to the common fund of the partnership?

Industrial Partner. A partner who contributes his work, labor, or industry to the partnership.

Can an industrial partner be a capitalist partner?

An industrial partner can not engage in transactions of any class whatever, otherwise he would be subject to serious consequences (art. 138), while a capitalist partner, as a rule, may so engage without extending profits or liabilities to the company (arts.

Can an industrial partner engage in a business other than that of a partnership?

Industrial partners, by signing the articles, agree to contribute their work to the partnership and article 138 of the Code of Commerce prohibits them from engaging in other work except by the express consent of the partnership.

Does an industrial partner share in both profits and losses?

The law says: In the absence of stipulation, the share of each partner in the profits and losses is in proportion to what he may have contributed. As for the profits, the industrial partner shall receive such share as may be just and equitable under the circumstances.

Does an industrial partner share in profit?

The industrial partner can not claim for himself any part of the property contributed; he can share only in the profits and benefits, in conformity with the provisions of article 1689, if the contrary should have not been expressly stipulated.

How shall a capitalist industrial partner share in partnership losses?

In the absence of an agreement the share of each partner in the profits and losses shall be in proportion to what he may have contributed. The partner who contributes his services only shall receive a share equal to the one who has contributed the least.

Can an capitalist partner engage in other business?

What is the difference between a capitalist and an industrial partner?

CLASSIFICATION OF PARTNERS 1) As to CONTRIBUTION:  Capitalist partner – one who contributes money or property to the common fund.  Industrial partner – one who contributes only his industry or personal service. Capitalist Partner Industrial Partner 1. As to contribution Contributes money or property.

Can a capitalist engage in business with a partnership?

PROHIBITION Industrial partner cannot engage in business (w/n same line of business with the partnership) unless partnership expressly permits him to do so. Capitalist partner cannot engage in business (with same kind of business with the partnership) for his own account, unless there is a stipulation to the contrary.

How does indemnification work in the case of a partnership?

To indemnify partnership for any damage caused to it by the retention of the same or by the delay in its contribution 1. Partners becomes ipso jure a debtor of the partnership even in the absence of any demand 2. Remedy of the other partner is not rescission but specific performance with damages from defaulting partner

Who are the general partners in a partnership?

As to liability of partners GENERAL PARTNERSHIP – consists of general partners who are liable pro rata and subsidiarily and sometimes solidarily with their separate property for partnership debts